Good news came on October 9 for customers using UPI Lite. Now the transaction limit of UPI Lite has increased to Rs 1,000. Earlier this limit was Rs 500. Also, the UPI Lite wallet limit has also been increased to Rs 5,000. Earlier this limit was Rs 2,000. The transaction limit of UPI 123Pay has also been increased from Rs 5,000 to Rs 10,000.
Many big announcements related to UPI
RBI Governor Shaktikanta Das announced the monetary policy on October 9. In this, he made several important changes related to UPI. Its purpose is to make payments easier for UPI customers. Das said that steps are being taken to increase the scope of use of UPI. Many major decisions have been taken under this. In terms of value, UPI transactions remained above Rs 20 lakh crore for the fifth consecutive month.
What is UPI Lite?
UPI Lite is used to buy everyday things. For example, if you buy milk, fruits and vegetables daily, then you can make payment for it through UPI Lite. The advantage of using UPI Lite is that you do not need to enter a PIN on every transaction. A large number of people are using it to buy small amounts. Till now, a maximum payment of up to Rs 500 could be made through UPI Lite. Now it has increased to Rs 1,000.
UPI wallet limit also increased
The wallet limit of UPI Lite has also been increased from Rs 2,000 to Rs 5,000. This means that you can put a maximum of Rs 5,000 in your UPI Lite. Then, you can use UPI Lite for daily purchases. RBI has taken this decision to increase the scope of use of UPI Lite. This will be convenient for customers. They will not have to transfer money to UPI Lite wallet again and again.
What is UPI on 123?
A large number of people will benefit from the increase in the limit of UPI123Pay. The reason for this is that this facility is used on feature phones. It does not require any kind of internet connection. This facility was started in 2022. This facility is very important especially in rural areas where people use less internet.
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